|As an owner, or prospective owner, of real estate in Canada, it is important to be aware of your status as a resident of Canada. In some cases, there is a simple answer to the question – do you live in Canada? If you are not a resident of Canada, but own and earn income from Canadian property, there are significant tax regulations that could have catastrophic financial consequences if you are unaware or not compliant. At CNR Tax Services, we hope to be able to guide non-residents in their Canadian endeavours, and to make sure that the CRA will have no reason to come after you.
Sometimes the question of residency is complicated. For tax purposes, a non-resident can be defined as a person who lives outside of Canada for more than 183 days during the tax year and does not have significant residential ties to the country.
Additionally, if you are a Canadian who has been declared as a non-resident for income tax purposes, you may be vulnerable to other forms of taxation, and therefore, for the penalties associated with non-payment. If this is the case, you can find more information on taxation in Canada, either by navigating our informative website, or by contacting one of our experts at email@example.com.
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